Even though President Bush sidestepped the economic issues in his farewell address the other night the problem still remains front and center in practically every aspect of life. Not to put down Bush’s speech, probably one of his better ones and there were some good remarks about our actions overseas, congrats GB.
So, the correlation between marketing, the economy, products and consumers. Two words, “budget cuts.” As companies begin to re-evaluate future expenditures talks of less marketing frequent the conversation. Problem with this is that when you cut marketing you cut communication channels with your consumers. When you have people becoming more conscious about spending, especially on unnecessary things the last thing you want to do is leave them high and dry without advising them why your product/service is the most logical purchase. When people are left to decide on their own they simply don’t decide, and they sure as hell aren’t going to buy your product if your sitting quietly in the corner, fingers crossed, hoping the customer lands on yours goods after a decision process based on eny meny miny mo!
I’ve talked about this before, but this is an important topic that everyone must consider in order to survive this economic crisis. Luckily social networks exist in a time like this, otherwise we’d all be scratching our ass wondering how long the bag of instant rice will feed us for. Strategically marketing through social networks provides companies direct links to their target demographics, if you didn’t know that you’re in my prayers. These micro interactions between marketers and consumers are bringing down prices in marketing, helping the right people find the right products, educating consumers, educating marketers and other professionals, and providing a quality past time for dorm life. If you’re a consumer and get angry because you are subjected to marketing while you cruise around facebook or twitter, think about the benefits of what you’re seeing. Excluded in this specialized marketing are the mass marketing ploys submerging Myspace into the past. They lack value, focus, and deceitfully suck you in.
As I’m rambling here I’m trying to stay focused, I apologize. Moral of this ideology is that as marketers we have to use our brains and begin to think more in depth. There are many innovators out there moving this business in the right direction and adding value to their clients marketing plans and implementation. Sadly, the days of clients handing over a couple hundred thousand dollars and living by the “power in numbers reached” method is long past. The age of micro interaction and specialized marketing has arisen. You put your ear to the digital landscape and listen to what consumers want, react, and then advise them. Its nice to be a consumer these days.
My parting words for this post; if you own a company or for that matter work at one where the economy has got you down please consider my words above. We’re in a age of innovation, so when you’re thinking “marketing isn’t in the budget” make it in the budget, think of a way to structure a contract so that you’re guaranteed results, maybe request the marketing company do what Hyudai is doing. Think about how you can inject yourself into social media and bring value to the table, its an efficient investment.